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MGR Prices its A$500m Commercial Mortgage-Backed Secs.Issue

Document date:  Tue 29 May 2001
Published:  Tue 29 May 2001 17:28:35
Document No:  236063
Document part:  A
Market Flag:  N
Classification:  Issued Capital - Other

MIRVAC GROUP                                  2001-05-29  ASX-SIGNAL-G

HOMEX - Sydney                                                        

The Mirvac Group ("Mirvac") has today priced its A$500 million
Commercial Mortgage Backed Securities issue ("Class 1 Notes"). Mirvac
Capital Pty Limited is the Issuer of the Class 1 Notes.

ANZ Investment Bank and Westpac Institutional Bank are Lead Managers
for the issue. Merrill Lynch International (Australia) Limited is the

The transaction is the largest CMBS in the Australian capital market
and the largest single issue debt raising by an Australian listed
property trust.

"We are extremely pleased with the success of the issue as it was
substantially over subscribed and widely distributed between domestic
and offshore investors," said Philip McEwen, Director of Corporate
Finance for Westpac Institutional Bank.

"The Mirvac issue has provided the market with the largest and most
diversified Australian CMBS to date. The pricing result confirms
strong investor appetite for this type of security," said Leanne
Gordon, Director, Securitisation, ANZ Investment Bank.

Mr Dennis Broit, Mirvac Group Finance Director said, "We are
delighted with the success of the issue as it enables us to refinance
our existing debt funding which will significantly reduce the cost of
capital to the Group and provide a longer term maturity for the
Group's borrowing profile."

Issue details are as follows:

Instrument:             A$ Floating Rate Class 1 Notes
Issue Amount:           A$350 million
Term:                   5 years soft bullet with 18 month tail
Coupon:                 3 month BBSW + 0.41 %, quarterly in arrears
Issue Price:            Par

Instrument:             A$ Fixed Rate Class 1 Notes
Issue Amount:           A$150 million
Term:                   5 year soft bullet with 18 month tail
Coupon:                 6.50% pa, semi annually in arrears
Spread over swap:       41 bps
Spread over Feb 06 
CGL:                   82bps
Yield:                  6.52%
Issue Price:            99.916

Pricing Date:           Tuesday, 29 May 2001
Settlement Date:        Tuesday, 5 June 2001
Scheduled Maturity
Date:                   5 June 2006
Final Maturity Date:    5 December 2007


Dennis Broit                 
Mirvac Group           
Ph: 612 9080 8433          

Leanne Gordon 
ANZ Investment Bank
Ph: 612 9227 1910
Philip McEwen
Westpac Institutional Bank 
Ph: 612 9284 9219